Samson Oil & Gas Advisory

Samson Oil and Gas Limited’s (“Samson” or the “Company”) net monthly production, for the last six months, is as follows;

March

April

May

June

July

August

OIL, BO

26,893

29,821

31,385

27,089

21,417

20,659

GAS, MCF

26,555

19,064

18,309

19,808

26,286

32,288

BOE

31,408

32,998

34,437

30,391

25,798

26,040

BOEPD

1,013

1,064

1,111

1,013

832

840

BO: Barrels of oilBOE: Barrels of oil equivalent (gas converted at its heating value)BOPD: Barrels of oil per dayMCF: Thousand cubic feetBOEPD: Barrels of oil equivalent per day

COMMENTARY

Production from North Stockyard was maintained at around 2,500 barrels per day (gross field production) in line with the Operators nominated pipeline capacity. It is expected that this restriction will continue through September. All wells in the field are on line with the exception of Blackdog which underwent a short (3 day) shut in to install a downhole pump. This well has recovered a cumulative 185,326 barrels of oil and has free flowed for 330 days. The well’s performance has been linked to the 8 million pound of proppant placed during the fracture stimulation of this well bore.

HEDGE BOOK

The Company’s hedge portfolio is as follows:

Calendar year

Volume bbls.

Floor

Ceiling

2016

2,788

$85.00

$89.85

Calendar year

Volume bbls.

Sub Floor

Floor

Ceiling

2015

36,600

$45.00

$32.50

70.25

2016

36,600

$67.50

$82.50

–

2016

27,450

$40.00

$55.00

$80.00

As of September 13th, 2015 the book value of the hedge was approximately $650,000 as valued by Samson’s counterparty.

BLUFF #1-11

The flow test of the Permian aged “9,500 sand” was discontinued after the last pressure build-up test because it was concluded that the observed fluid contact would not reach the well bore in the short term. The flow test has neither confirmed nor discounted the presence of a water or oil leg to the Bluff 1-11 accumulation. This can now only be determined by drilling a down dip appraisal well, which had previously been rejected by the joint venture partners in response to the current oil price environment.

Samson is however investigating whether it might be feasible to use the remaining 4 Bcf of nitrogen as an immiscible flood to the oil saturated Niobrara Formation. The limiting variable in this is likely to be the relatively low permeability exhibited in this reservoir.

SPIRIT OF AMERICA US34 #1-29

The SOA 1 well has been flow tested, but a sustained rate has yet to be established. The well has flowed fair amounts of gas (at rates of around 275 Mcf/d) and has recovered limited (several barrels) of 56.7 API oil. The well is perforated within the Cretaceous Muddy Formation, which was previously fracture stimulated after recording gas and oil shows and a creditable log response.

The 3D seismic data demonstrates a possible stratigraphically trapped channel sand. The Muddy Formation is also known as the J-Sand, which is the most prolific producing zone within the D-J Basin.

The well is equipped with a plunger lift system and will be swabbed later this week after modifications are made to the completion design.

BADGER #1

Samson has been notified by the operator of the Badger Prospect that the first well is expected to spud late September due to rig availability. The Badger #1 well is located in Section 29 of Township 157N, Range 81W in Ward County, North Dakota. Samson has a 25% working interest in the well, which will target the Wayne zone of the Mississippian Mission Canyon Formation at an expected depth of 4,800 feet. The prospect is a 4-way structural closure that has the potential for up to 6 wells with a prospect potential (if hydrocarbons are present) of up to 2 MMbo recoverable.

Samson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol “SSN”. Samson’s American Depository Shares (ADSs) are traded on the New York Stock Exchange MKT under the symbol “SSN”. Each ADS represents 200 fully paid Ordinary Shares of Samson. Samson has a total of 2,837 million ordinary shares issued and outstanding (including 230 million options exercisable at AUD 3.8 cents), which would be the equivalent of 14.185 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.67 per ADS on August 17th, 2015, the Company has a current market capitalization of approximately US$9.6 million (the options have been valued at an exchange rate of 0.7375). Correspondingly, based on the ASX closing price of A$0.005 for ordinary shares and a closing price of A$0.002 for the 2017 options, on August 17th, 2015, the Company has a current market capitalization of approximately A$14.4 million.

SAMSON OIL & GAS LIMITED

Advisories & Contact

TERRY BARRManaging Director

Statements made in this press release that are not historical facts may be forward looking statements, including but not limited to statements using words like “may”, “believe”, “expect”, “anticipate”, “should” or “will.” Actual results may differ materially from those projected in any forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward looking information, including uncertainties inherent in estimating the methods, timing and results of exploration activities. A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the prospectus and prospectus supplement for its recent Rights Offering as well as the Company’s report to the U.S. Securities and Exchange Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.